Sunday 06 Oct 2024
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KUALA LUMPUR (June 25): Rakuten Trade said United U-Li Corp Bhd (KL:ULICORP) may extend its upward trajectory after hitting a 52-week high with its seventh consecutive white candle on Monday.

In a technical view note on Tuesday, the research house said that considering the stock broke out from its one-month ascending triangle pattern two sessions ago and is pulling further away from all exponential moving average (EMAs), a positive outlook is expected in the near term.

“We expect the positive momentum is set to steer the stock higher, and test the next resistance level of RM2.20 (R1), followed by RM2.40 (R2) in near term.

“On the downside, stop-loss is set at RM1.86, below the 20-day EMA,” Rakuten Trade said.

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